What happens if I forget to withdraw funds on DAY 7 ? (For Indian PP users).

You can still refund the money if you dont have any money. Your account will have a negative balance and if you don't make your account back to 0 $ in 7 days then your account will be closed until and unless you transfer the money to your account and settle the stuffs off.

 

It happened to me that I didn't withdraw my funds after 7 days. Actually it was after 25 days that I withdraw since it was implemented from March 1. They did nothing and finally I withdraw it on 25th March.
But I also believe that they are in talks with RBI and haven't yet enforced the rules rigidly or they are giving some time to us to spread the word well before they start "punishing".

 

Btw, I find some Indian paying me via PayPal balance transfer 2 days ago. Also I can see I have the option in my account. I believe if they start implementing the rules rigidly then they should hide the sent payments option through PayPal balance transfer for Indian members.

 

They haven't implemented any rules yet. Hope they don't

 

they implented the sending money option disabled. so u cant expect much with this rule too

 

what do you think will happen to indian paypal users then?
Do you think that paypal may revise its action and make indians be able to send money again from their balance or this will be the end of paypal with indians?

 

If it is so we wont need to worry. I hope they don't forfeit the money if we fail to withdraw.

 

Can any of u tell me that after the implementation of new guidelines whether Paypal will still charge a fee of 50INR, if our withdrawing amount is less then 7,000 INR?

 

According to this blog post, minimum withdrawal amount of $10, transaction fee of Rs. 50 and fees for transferring funds of less than Rs.7000.00 will be waived!

 

But i just checked withdrawing less than 7000 and there was a fee deduction of rs 50 being shown :/

 

Hi nihangshah,
I am still not fully convinced that whether paypal will charge fee or not. Has any one tried to contact the paypal officials?

 

I still don’t understand the statement “full compliance with the RBI”. The rules are not clear yet. Even I have this doubt. Also what if I have balance of less than $10, will they retain the amount or take it?

 

If ur balance is less than $10, then ur money will be retained in ur account. But have confusion what will happen if it is above $10 and 7 days have passed.

 

whats about the other withdrawal methods ( United states bank account & Cheque to be withdrawed from a US Bank )?
Are those options avaliable if you have an american account located in India or it must be located in USA?

 

Well, in my case also nothing happened...... i was having some balance for about past 20 to 25 days and i just transferred it to my bank account.....

 

may has been started so is there any news regarding paypal..??.............i think for all the dealings from domain name, hosting services etc.......we need to have credit card link even with verified paypal account and then only we can make purchase................if some thing you know more post it here......it wl be of much help